U.S. Treasury Secretary Janet Yellen chaired a closed meeting of the Financial Stability Oversight Council on Friday, the Treasury said as markets continued to seesaw amid concerns that a two-week-old banking crisis could worsen.
The Treasury said in a media advisory that the meeting was scheduled for Friday morning, and thus far it has not provided any details or readout of its conclusions., whose failure kicked off a bank crisis of confidence marked by the threat of bank runs and uninsured deposits fleeing smaller and regional institutions for larger banks perceived as "too big to fail."
A Treasury readout at the time said the actions were described to the broader council, noting that the Fed facility "will bolster the capacity of the banking system to safeguard deposits." The Friday FSOC meeting came as global banking contagion fears again caused European bank stocks to fall sharply, with Deutsche Bank and UBSthat regulators and central banks have not yet contained the worst shock to the sector since the 2008 global financial crisis.
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